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Vat audit & trust audit

Pankit (Accounts) (41 Points)

08 August 2012

Hello..

Can Someone tell me that What is the VAT Audit Limit For FY 11-12 as well as FY 12-13??

Also Let me know the Limit For Trust Aufit For the FY 11-12 as well as FY 12-13.

Thanks.

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1 Replies

Arpit Pachisia (CA) (734 Points)
Replied 08 August 2012

Under the existing provisions of section 44AB, every person carrying on business is required to get his accounts audited if the total sales, turnover or gross receipts in the previous year 2011-12 exceed 60 lakh rupees. Similarly, a person carrying on a profession is required to get his accounts audited if the total sales, turnover or gross receipts in the previous year 2011-12 exceed 15 lakh rupees.similarly for previous year 2012-13, every person carrying on business is required to get his books of accounts audited if his total turnover exceeds Rs. 1 crore and in case of professional if gross receipts exceed Rs. 25 lacs.